Curious how mortgage rates now stack up against a year ago — and why it matters for your home plans? Mortgage rates have eased from last year’s highs, offering a bit more breathing room for buyers and a strategic decision point for sellers.

Current Mortgage Rate Snapshot (February 2026)

As of mid-February 2026, average U.S. mortgage interest rates are hovering in the low-6% range for a 30-year fixed mortgage — generally around 6.0%–6.2% depending on the source and lender. This reflects a modest decline compared with recent peaks seen in early 2025 and remains near the lowest levels seen in about three years.

For example: Freddie Mac’s latest survey reported the 30-year fixed rate at about 6.09% down from roughly 6.89% a year ago. Other rate trackers show a similar trend, with weekly averages slightly below last year’s norms. This downward movement, while not dramatic, represents roughly three-quarters of a percentage point lower than February 2025.

Why Mortgage Rates Have Been Trending Down

Several factors have contributed to this shift: Inflation has continued to moderate, reducing pressure on long-term interest rates. U.S. Treasury yields — a key driver of mortgage rates — have softened, which often leads lenders to follow with slightly lower borrowing costs. The Federal Reserve has paused after a series of rate cuts through late 2025, helping stabilize bond markets and mortgage pricing.

What Lower Rates Mean for Buyers:

In Maplewood and South Orange, where housing demand and price points are often higher than many national averages — even a modest drop in mortgage rates can have a noticeable impact:

Lower monthly payments: A lower interest rate means less of your monthly payment goes to interest and more toward principal and equity building.

Improved affordability: Buyers who were priced out at higher rates may find new opportunities now, especially if rates dip further or remain stable.

Greater purchasing power: Every tenth of a percent can translate to tens of thousands in additional buying power, depending on loan size and terms.

What It Means for Sellers:

Demand can improve: More buyers shopping with better financing terms can translate to a larger pool of qualified offers.

Price momentum: While home prices have stabilized nationally, the right finance conditions can support healthy demand in desirable towns like Maplewood and South Orange.

Strategic timing: If you’re considering selling soon, knowing how mortgage rates affect buyer behavior can help you price and position your home more effectively.

Final Takeaway

Mortgage rates today — though not as low as the pandemic-era historic lows — are meaningfully lower than they were a year ago, and that has real implications for your buying or selling strategy in Maplewood and South Orange. Rates around 6% create more favorable payment scenarios than this time last year, especially when paired with thoughtful timing and local market insight.

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